Reference is made to the stock exchange release from Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) published 9 February 2017 regarding a Norwegian subsidiary's agreement with SCF GEO AS ("Sovcomflot") for a 5 1/2 year bareboat charter (the "Charter").

The Company is pleased to announce that the Charter agreement between Polarcus Amani AS and Sovcomflot has been signed and the vessel delivered to Sovcomflot today in Bergen. The vessel was delivered without streamers, providing the Polarcus fleet with one excess streamer package, which will significantly reduce capital expenditure requirements through 2017 and 2018.

Following delivery of the vessel to Sovcomflot, the Polarcus Group has two vessels on long-term bareboat charter and operates a fleet of four vessels in the contract market.

Duncan Eley, Group CEO said: "We are very pleased that Sovcomflot has taken a second Polarcus vessel on bareboat charter, reinforcing our collaboration with a strategic client. We see this as a strong endorsement of our vessels' capabilities and suitability for state of the art seismic data acquisition. Importantly, this agreement delivers significant positive cash flow throughout the charter period. Our two vessels on long-term bareboat charter provide a total fixed backlog in excess of $100 million with no associated operating costs."

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: Polarcus Limited via Globenewswire